March 24, 2014

Doug Kass praises Warren Buffett as greatest living investor

As we all know, Warren Buffett is the greatest living investor in history -- and Warren gets better with age.

Unlike most billionaire octogenarians, who spend months on their yachts in the Mediterranean or winter in their oceanside mansions in Palm Beach, Florida, and Summer on Lily Pond Lane in East Hampton, Warren (at 83 years of age) has not lost a step.

Warren Buffett, the man who General Electric (GE), Goldman Sachs (GS) and Bank of America (BAC) go to when they need $5 billion to $10 billion of extra capital during economic crises, recently appeared on CNBC to advertise that his Berkshire Hathaway (BRK.A)/ (BRK.B) is insuring the Quicken Loans $1 Billion Bracket Challenge With Yahoo! Sports.

The contestant who selects a perfect bracket will receive a top prize of $1 billion. Entries will be restricted to 15 million entries. The top 20 most accurate brackets will receive $100,000 each.

As was the case with Berkshire Hathaway's rescue of General Electric, Bank of America and Goldman Sachs several years ago (at the economic and stock market nadir), by insuring the contest, Warren is the big winner here as he bets with the odds stacked immensely in his favor (and so do Quicken Loans and Yahoo! Sports win).

Originally Published on The Street